Arbuthnot Banking Group’s latest report, created in collaboration with Atomik Research, delves into the financial health and attitudes towards money among individuals in the UK. This comprehensive study highlights the complex relationship people have with their finances, revealing universal concerns about financial security, retirement planning, and the need for professional advice, transcending age and wealth brackets.
The report reveals that a significant 81% of respondents experience regular stress or anxiety regarding their finances, reflecting widespread financial insecurity. Despite the abundance of digital financial tools, there remains a strong demand for personalised financial advice, particularly during major life events. However, 41% of respondents are unsure whether to seek advice from their financial providers at such times.
Retirement planning is another major concern, with the report showing that many individuals, regardless of their financial standing, are uncertain about their pension savings. While 83% of respondents feel their pension pot is adequate, only 61% are aware of their current savings, indicating a need for more clarity and guidance in retirement planning.
Discussions about inheritance and succession planning are often neglected, yet they are crucial for effective financial planning. The report highlights that a mere 14% of respondents regularly engage in conversations about money and inheritance with their children or grandchildren.
Financial fraud remains a pressing issue, with 52% of respondents worried about falling victim to fraud. Interestingly, despite various awareness campaigns, 51% of high-net-worth individuals do not consider fraud a major concern, underscoring the need for ongoing education and vigilance.
Chris Dyer, Senior Commercial Banker, emphasises the intertwined nature of personal and business finances, stating, “This report is a must-read for our commercial clients. Take a look and share it with your loved ones.”
For a comprehensive understanding of the financial landscape affecting individuals across the UK, explore the full report and gain deeper insights.
Arbuthnot Banking Group PLC (LON:ARBB), trading as Arbuthnot Latham, provides private and commercial banking products and services in the United Kingdom. Founded in 1833, Arbuthnot Banking is based in London, United Kingdom.
